We are asked by Florida homeowners if there is an advantage to scheduling their jewelry and fine arts on a Florida homeowner’s insurance policy. The answer is not so simple.
Blanket vs. Scheduled Jewelry and Fine Arts: If you have a large amount of smaller valued items, it is probably best to cover them on a blanket basis. There are internal per item sub-limits of coverage, however, so if you have a more valuable piece, it is best to schedule it.
If you have a claim on a blanket policy, the insurance company asks for proof of ownership and verification of the item’s value. This can be difficult, as the item may be inherited or received as a gift.
Scheduled Coverage – If you “schedule” an item such as jewelry or fine arts, you agree on the value in advance. If the item is lost, stolen, or destroyed, the insurance company pays the agreed amount for that item. If the market value of the item has increased beyond the coverage amount, the insurance company may provide coverage for up to 150 percent of the original, scheduled amount.
In-vault jewelry is rated lower than jewelry out of the bank vault.
In the cases of jewelry and fine arts, we always recommend scheduling. It is best to agree on a value in advance.
Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in all lines of personal insurance, and has since 1925. For a no-obligation quote on homeowners insurance, auto insurance, flood insurance, boat insurance, or umbrella insurance policies, please contact us 561-276-6055 or 800-272-6055 and ask for personal lines. Or you can email us at email@example.com.